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Those who benefit from INSS now have better terms on credit services this week. Discover the details!
Those affiliated with the National Institute of Social Security (INSS) who are interested in taking out a payroll loan linked to the institution have reason to celebrate. The reduction in interest rates, announced last week, came into effect on Monday (21).
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The National Social Security Council (CNPS) made this decision to align with the benchmark interest rate. Recently, the Central Bank applied a 0.50 percentage point cut to the Selic rate.
Currently, banks offering INSS-linked payroll loans must comply with the new interest rate limit. It is important to emphasize that most banks opposed this cut in interest rates for this type of credit.
Changes in INSS payroll loan rates
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Regarding payroll loans, the rate changed from 1.97% to 1.91% per month. For transactions via payroll credit cards, the rate went from 2.89% to 2.83% per month. To take advantage of this, the applicant must have available payroll-deductible margin.
With this option, the loan installments are deducted directly from the benefit amount every month. Therefore, this alternative is usually more advantageous compared to others available in the sector.
Will banks discontinue this credit service?
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The Brazilian Federation of Banks (Febraban) did not support the cut in interest rates for INSS payroll-deducted loans. According to the organization, the new rate is below what banks spend to provide such a service. Therefore, there may be a decrease in the availability of this type of credit.
On the other hand, several banking institutions already charge an interest rate below the newly established level. Thus, it is unlikely that this credit service will be discontinued, at least for now, unlike what happened at the beginning of this year.
